Adani Group pauses talks with Israel’s Tower Semiconductor on $10 billion chip project: Report
New Delhi: The Adani Group has reportedly paused its discussions with Israel’s Tower Semiconductor for a proposed $10 billion chip project, citing concerns over the project's strategic and commercial viability.
According to a Reuters report, the decision to pause talks was made after Adani Group’s internal assessment flagged uncertainty about how much demand, particularly in India, the business can generate.
"It was more of a strategic decision. Adani evaluated it and decided, let's wait," news agency Reuters quoted its source as saying.
Another source revealed that the Adani Group was not satisfied with the amount of financial contribution Tower was willing to make into the partnership. Tower was to provide technological expertise in the deal, but "Adani wanted Tower to have more skin in the game" in financial terms, the source added.
The semiconductor facility, announced in Maharashtra last September, was envisioned to produce 80,000 wafers per month and generate approximately 5,000 jobs.
The report further noted that Adani’s rethinking of the plans could be another potential blow to Indian Prime Minister Narendra Modi’s "Make in India" initiative aimed at promoting the semiconductor industry.
Meanwhile, India still lacks an operational chipmaking facility. A proposed $19.5 billion joint venture between Indian conglomerate Vedanta and Taiwan’s Foxconn, the world’s largest contract electronics manufacturer, was called off in July 2023 due to concerns from the central government over rising project costs and delays in incentive approvals.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
PBKS set LSG a 237-run target to win IPL match in Dharamsala
Dharamsala, May 4 (PTI): Punjab Kings produced a superlative batting display, led by Prabhsimran Singh, to post 236 for five against Lucknow Super Giants in their crucial IPL match here on Sunday.
Sent in to bat, Prabhsimran smashed a 48-ball 91 and shared a 78-run stand with skipper Shreyas Iyer (45) to lay the foundation before Nehal Wadhera (16), Shashank Singh (33) and Marcus Stoinis (15) chipped in to take PBKS to the imposing total.
For LSG, Akash Maharaj Singh (2/30) and Digvesh Singh Rathi (2/46) took two wickets each while Price Yadav (1/43) accounted for a wicket.
Brief Scores:
Punjab Kings: 236 for five in 20 overs (Prabhsimran Singh 91; Akash Maharaj Singh 2/30).
